... and the NYSE ain't even open yet. Looks like a 'historic' day ahead on the Street. The major 'business banks' are staggered.. the Fed declines to bail Lehman, Merrill went to BofA at a firesale price and AIG is seeking cash. I believe AIG is the insurance industry's largest bank.. and the bill for Ike ain't on the table yet.
I have been kicking myself for not buying BAC the last time they fell below 30 bucks. This morning they fell just far enough to allow me in. Add in their purchases of Countrywide and Merrill Lynch, and I believe they are going to be positioned to compete nicely in this market.
Predictions:
(some) of the players that deserved to go under will, unfortunately some that deserved to go under will be bailed out.
BAC is a 50+ dollar stock within 2 years and Our current financial crisis will be a faded memory.
My opinion:
To hell with Greenspan, as far as I am concerned he caused the financial problems we had at the end Clinton/beginning of the Bush years. Along with with our goofy congress demanding we get more home loans to people who should not have had home loans, he pretty much drove this sub-prime mess with his constant interest rate drops. Now he is running around telling anyone dumb enough to listen that this is the worse financial crisis in 100 years. I guess he is writing a book again and needs material.
